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Market Commentary

Yesterday's equity losses were Fixed Income's gains... Bonds absolutely SOARED as stocks got pounded.


We haven't seen a rise in the treasuries like that for a long time.  Today, we are giving back some of those gains, but some more bond bullish data has been released out of the US.  A light print on GDP and PCE has bonds ticking higher though.  It doesn't look like this slow-down and is played out yet.  Inflation numbers are easing and the bond market is noticing. 


  Interestingly, traders forgot to take down the CAD$ yesterday until about noon, when it lost about 50 pps in the blink of an eye.  It continues to be weak this morning, despite the greater odds of Fed easing vs. Bank of Canada easing in the next year.


Watch out for 10 am today as New home sales numbers (to follow up yesterday's surprisingly strong Existing home sales numbers) will be out and could move the market.


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